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ProHealth HMO Limited, a fully accredited Health Management Organisation by the National Health Insurance Agency has posted a profit before tax (PBT) increase from N40 million to N44 million, marking a 10 percent rise.
Additionally, the company’s core business revenue surged from N952.4 million to N1.239 billion, representing a 30 percent increase. The total revenue accruable to the company also saw a significant boost, rising from N968.17 million to N1.250 billion, a 29 percent increase. Moreover, the company’s net assets experienced a marginal increase from N590 million to N608.9 million, reflecting a 3.2 percent growth.
These were disclosed by the company’s Chairman, Prof. Gabriel Okenwa while reviewing its performance in the past year at its annual general meeting held recently.
Okenwa added that the firm, as a public-private partnership by the Nigeria Social Insurance Trust Fund (NSITF), benefits from investment contributions from both private individuals and organizations, positioning it as a key player in Nigeria’s health management sector.
He also used the occasion to advocate for stronger collaboration among stakeholders, adding that such critical synergy among healthcare players would fortify the nation’s health infrastructure and ensure that Nigerians have access to high-quality healthcare services.
Okenwa highlighted that the fragmented nature of the sector has hindered its growth and effectiveness. He passionately advocated for a more integrated approach, where the government, private sector, and healthcare professionals work in concert to address the pressing challenges facing the industry.
According to him, a collaborative effort is not only necessary to enhance service delivery but also to restore confidence in the local healthcare system, thereby reducing the dependence on foreign medical services.
During his address, Professor Okenwa called on the government to deepen its involvement in the health sector through increased investments and a significant upward review of the remuneration for healthcare providers. He pointed out that such measures are vital to curbing the ongoing exodus of medical professionals from Nigeria, a trend that has led to a critical shortage of skilled healthcare workers. Additionally, these interventions could help to reduce the rising cases of medical tourism, where Nigerians seek medical treatment abroad due to the perceived inadequacies of the local health system.
“Without meaningful investment and proper incentives, we risk losing even more of our talented healthcare professionals to other countries,” Okenwa stated. “This would not only exacerbate the current crisis but also make it more difficult for the sector to recover.”
He went on to affirm ProHealth’s commitment to playing a pivotal role in the provision of healthcare across the country. According to Okenwa, the company is not only maintaining its efforts but is also poised to accelerate its business development and marketing initiatives in the coming years. This strategic focus, he explained, is part of ProHealth’s broader mission to be a leader in the health management industry in Nigeria.
To further solidify its position, Okenwa revealed that ProHealth has already initiated steps to meet the new capital base requirement of ₦750 million, as stipulated by the National Health Insurance Act of 2022. This move, he noted, reflects the company’s resolve to “play big” in the industry and to align with the latest regulatory standards, ensuring that it continues to operate at the highest levels of efficiency and accountability.
